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Showing content with the highest reputation since 05/01/2020 in Posts

  1. 8 points
    Please consider donating to support this site like I did again today. I looked back and found that we have almost 20 full pages of new topics in General Chat and another 5 in the new Covid-19 section since the beginning of 2020. That's a lot of discussion and help that members have shared that wouldn't be possible without our ongoing financial support to Eric for hosting and maintaining this site. @Eric, this wouldn't be possible without you. Thank you for another great year here!
  2. 7 points
    Thank you all for the donations. I apologize for being such a slacker about responding to each of them individually. My work has increased considerably due to COVID-19, but I'm hoping to see that decrease a bit now that summer is arriving, which is usually my slow time. We'll see, though--everyone is looking for ways to do things online that had ordinarily been done in person before. Thank you all again! I hope you're all staying healthy and sane.
  3. 7 points
    Let's take time on Monday to remember those who have died in defense of this country.
  4. 7 points
    Me, too. When the postponement was announced, I started getting an extra hour of sleep and not working on Sundays. (Can't sprint long distances.) But, then the calls started coming in for information, advice, financials, and help finding things I didn't prepare, such as their payroll reports. That led to me taking a LOT of webinars to get up to speed on these non-tax credits/loans/etc. And, that information continues to change, be clarified, get reinterpreted, revised, as well as we just don't know yet. I'm not quite where I usually am 15 April. Still a small stack that were in-house when I started taking webinars and answering non-tax questions, questions and education that I would've postponed until after tax season. But, in our current upside-down world, those non-tax issues became more time-sensitive than tax returns. Longer tax season, but thank goodness a later deadline, because I'm not caught up yet.
  5. 7 points
  6. 7 points
    I'm not feeling particularly whiny about it, but the only downside is that I don't feel that 'post tax season' relief/freedom that I usually feel. Because I have work in the office, I still feel like I need to spend weekends/evenings preparing returns. On another note, did anyone else get behind on returns that would usually be out of your office by 15 April as a result of providing countless hours of support/assistance to people applying for PPP/EIDL loans, self-employed unemployment, or just trying to run various cashflow scenarios, or am I the only slacker? I hope everyone is doing well.
  7. 6 points
    Thanks to all of you for the comments. I am dragging. I know I am so very fortunate because I work alone, don't prepare returns with clients in front of me, and I've not missed a single day of work. Stopped working Saturdays a month early. But Holy Crow, I feel like I can't get anything done. I had five of my October PITA clients who became April PITA clients, and you know it's like pulling teeth to get them wrapped up. Bless their hearts; I don't know who ties their shoes for them. Add one million EIP calls and hey-my-return-was-filed-in-February-but-I've-not-received-my-refund calls. At least my folks are overwhelmingly pleasant, and I know some just want me to tell them we're gonna be fine. So thankful for the extension from April 15 to July 15. I sure needed it.
  8. 6 points
    None of this was tax information for our tax prep business. I did all that last summer when we had some time on our hands. I'm almost completely digital on that side of the business - even signature authorization. I scan them all when tax season is over to keep just a digital copy. I scanned every client file and destroyed it as I went. This was 100% securities / investment sales. Everything on that side of the business is now digital going forward (pretty much) but we have to wait for holding periods to expire on the old stuff before destroying it.
  9. 6 points
    Before....... During................................ After....................................................... ..............................What a Relief.....................
  10. 6 points
    LIBERATING, isn't it? I know @RitaB would be terrified! LOL I started doing that about 5 years ago, and wrapped it up 2 years ago. I have a very small office and no room for all the paper. It was so free-ing.
  11. 6 points
    WMIUAWGA = We're Making It Up As We Go Along
  12. 5 points
    Could you translate this down to 1996 techie knowledge? Tom Modesto, CA
  13. 5 points
    Thank you for making realize how fortunate I am that my practice is primarily small business write up, payroll and business entity tax preparation.. I just counted and I only have 6 non business 1040s that I do and 3 of those used to be business returns. Truly, I have not had a single one of these calls. Now I feel like I am sitting underneath a Double Rainbow !
  14. 5 points
    Or, the nonclient (friend, church acquaintance, relative of client, etc.) who wants your opinion because they think their tax professional gypped them out of deductions by failing to file Schedule A -- when the standard deduction was much higher than their itemized deductions or the SALT limit lowered their deductions or... My daughter's teenage friends each received $1,200 so now my daughter's mad at me for claiming her. Please amend my return. When will I get my stimulus check? What will be my capital gain rate for 2020? I often let my phone go to voice mail, because I encourage email so I have a savable trail. That meant I'd answer emails fast. Now, I'm letting many wait until I'm done for the night or until the next business morning (even if I'm sitting here on non-business days).
  15. 5 points
    Yes! Just because you did their tax return, they think you should be “on call” to answer all of their stupid questions tax-related or not.
  16. 5 points
    Late to the party, but it is indeed just an anagram of the word TAX. There is no other meaning. And if I remember right, the free noncalculating forms service "ATX Forms Free Forms Service" was to be free forever. So after a year or two when they wanted to charge for the product, they changed the name to Zillion Forms. I could be off on the names, or which product came first. I tried to erase most of that from memory once I started working on the TaxSolver team, which was for Sales and Use tax compliance for larger companies. And then I tried to erase that too once I left to pursue web development full time. Bits and pieces still linger, though.
  17. 5 points
    Is that one of the new Revenue Officers being hired?
  18. 5 points
    But my tech skills are the same as my music preferences....stuck in the 80's and 90's. Tom Modesto, CA
  19. 5 points
    I don't know where the name originated but maybe Eric would since he worked there. Based in Caribou, Maine, and Ft. Pierce, Fla. ATX Forms was founded in 1992 and owned by brothers Glynn and Steve Willett. The company's tax software under the ATX Forms name was MAX and Saber. Glynn Willett agreed to stay on for roughly four years when UCG purchased ATX Forms in 2002 to oversee the company’s tax research and software business. UCG is the company that had Kleinrock. I started with Saber, and it started with a tiger roar upon launch. iirc, it was some sort of excel-based program, but I could have that confused with some other program at this point. I also had something called Zillion Forms around the same time. https://www.accountingtoday.com/news/kleinrocks-ucg-acquires-atx-forms
  20. 5 points
    Just filled up three 94 gallon trash bins that are going off to the shredder. Each January 1st for the next 3 years I have about 50 lbs of paper that will need to be shredded and then I'm all done. Everything will be online or on a travel drive. Such a wonderful feeling.
  21. 5 points
    Remember that these are just FAQs and not law. I've been suggesting to people to just wait a bit (don't cash or don't spend) for potential clarification. BofA called my biggest biz client early on to urge him to apply for a PPP loan. This client's biz is NOT touched by COVID-19 at all. He got the money. Forgiveness will be an issue (he'll fuss at me) because it looks like employee-shareholders do NOT get the healthcare and retirement matches added, only for non-shareholder employees. I'm hoping for clarification. And, hoping I do NOT have to be the messenger. One of my clients keeps writing me that she heard/the IRS says that she should get a stimulus check because she's on SS; when will her check come? She's on SS but also gets a NYC teacher's pension and a CT teacher's pension and still taught the first half of 2019, so she made way too much in 2019 (and even more in 2018) to get an EIP. I keep telling her. I copied her on some info from IRS.com, and it was ambiguous about SS recipients getting an EIP direct deposited. (I added a phrase before emailing her the copied text !!) I spend half of each day, sometimes more, communicating to clients, answering questions, and taking webinars. I enjoy the learning but want to prepare tax returns. But, all my clients are long-time clients and families/friends of clients, and I always take care of them to the best of my ability and knowledge. This year is stretching my knowledge far from just tax. And, the questions about unemployment !! I don't even know how to navigate the CT system for a SE or a partner, let alone NY and PA and.... I have no idea when their benefits will start or how much they'll get or whether the $600 will show up at the same time. I really want to return to answering TAX questions and preparing tax returns, but I foresee a bunch of Forgiveness Applications in my future plus more questions I can't answer. Let's start a pool re how many FAQs there will be re the Forgiveness Application. I guess 44.
  22. 5 points
    Since you and I cannot really do that and keep clients, you might try running an article or two for your client. I've found one that seems clear for this purpose: https://www.thepennyhoarder.com/taxes/child-coronavirus-stimulus/ Also, the number given in the letter IRS sent out, Notice 1444: 1-800-919-9835 I just got off the phone with a caller, who's not even a client, and I gave her that number. She was so appreciative and said, "Now I know why my brother brags on you all the time." So, her brother is a client. Yeah, I know, but I was glad I tried to help her.
  23. 5 points
    I wholeheartedly agree. I make a donation every year and the benefits that I receive being a member of this community far exceeds the dollars that I donate!
  24. 5 points
    This is the final paragraph of a very long article on PPP loan forgiveness. Pretty much sums it up. Tom Modesto, CA
  25. 5 points
    If it's your own business, you set your own hours, closing date, criteria for accepting clients, etc. Why would it matter to you if a different preparer works until 15 July or 15 October or year-round or only until 15 April or doesn't open up until February each year or takes Fridays off or golfs every morning or anything else? You don't have to do any of those things. Or, you can do bookkeeping or sell insurance or sell securities or paint houses or vacation or babysit the grandkids or read or anything else to earn money &/or enjoy life. Even if you work for someone else, you can negotiate your needs or quit or find a different employer or go out on your own or retire. Keep Calm & Carry On in your own way!
  26. 5 points
    Guess we need to send it back. IRS has updated Q and A on their website: https://www.irs.gov/coronavirus/economic-impact-payment-information-center Questions #10 and 41 deal with this
  27. 5 points
    Or, like the sign my younger daughter got me for my desk: "I can explain it to you, but I can't understand it for you."
  28. 4 points
    Remember, a set of "books and records" does not mean they have to have an accounting program. An excel spreadsheet is books and records. The only thing I would advise if they are not doing it is to have a separate bank account for the rental activity. And reconciling it every month adda hours to the time spent on the rental activity. Tom Modesto, CA
  29. 4 points
    Did you "zoom" into the meeting since you could not attend in person?
  30. 4 points
    First year doing taxes, 1979 tax season for 1978 tax year. Firm was top 10, just outside big 8. We used the IRS provided paper forms that were so flimsy, you ended up erasing holes in the paper, and had to use white tape to fill the holes. Reviewers used blue lead for tick marks because blue doesn't show on a photocopy. And, because I was the new guy, I got the 20 lbs adding machine. Smoking was common in the office. There was a blizzard that tax year. I lived 35 miles west of the office, and when I woke up, my tires were already buried, so I called and said I would not be in. It was a Monday and they always had a one hour staff meeting to start the week... in a windowless conference room. It was only flurries when the meeting started but when the meeting ended, there was so much snow, some people got stuck going home.
  31. 4 points
    1981 was my first year working in public accounting and have been here ever since. My first job in the profession was a temporary position through my college's co-op program and counted as course work. I worked the same number of O/T hours as everyone else in the firm and took 2 night courses that semester too to finish up my degree.
  32. 4 points
    I like to get about 5-8 tax returns of normal types done a day - getting a couple complicated entity's in between a week - I am the last review, my staff inputs. I am lucky now to get 5 done a week!! Since Covid with the EIDL, SBA's, hardships, employer unemp comp, and now farm SBA, I think I am just going to tell people - "you know we HAVE been closed for 8 weeks!!" And none are patient anymore - they do not care about anything anymore... Sorry - most are nice and some have called back and apologized. Hospital staff say everyone is angry - angry they have to isolate, and others angry, people are not!! We just had our 2nd case so we sort of quarantined early - waiting for other shoe to drop - maybe should have posted other thread - but was talking initially about busy =- still working 7 days a week - usually 9-14 hours a day Haven't worked by myself in 17 years... and at that have someone in 2 days a week to keep going on paperwork and remotely with emails and phone calls. Be Safe D
  33. 4 points
    These days, with the way many people think, having a printable trail is not an option. Voicemail transcription to email is handy. Not always accurate, but reasonable, especially since the sound file is usually attached.
  34. 4 points
    I too am thankful for the new 15 July deadline, because my tax preparation is no where near what it would be by a normal 15 April. I'm still going to have lots of extensions. I love the clients who call to ask if I filed their returns yet when I'm waiting on them to give me the list of information needed that I emailed two weeks ago. No, when you give me your W-2 and NY driver's license and answer the virtual currency question and give me details on the $6,000 you gave to charity and confirm your banking information and..., I'll complete your returns and send them to you for signatures.
  35. 4 points
    Or the calls about their tax returns, mailed priority, and aren't in their mail box on the expected date. As if I can do anything about how or what the postal service handles the mail. Ugh !!!
  36. 4 points
    D, I feel the same way. I don't even know where the time goes. People are really pushy here, also. I am working completely by myself and I'm not the happiest either. I was going to try to make it until 70 doing this, bu tif it keeps up like this, I may just wait to 65 for Medicare and then go work for somebody doing anything but this. I spend so much time answering the phone, emails and reading that actually preparing returns is a pleasure. I just got Ifirm as a portal yesterday, but I don't have time to learn to use it for at least a few weeks.
  37. 4 points
    I may be wrong Abby, but it could be....Athletic T Rex...
  38. 4 points
    The shenanigans stopped many years ago, you should be okay. But why just get your own domain, we are in 2020 now and prices are very low.
  39. 4 points
    The FAQs say return $1,200. The CARES Act says keep it. I'm telling clients to wait for potential clarification; hold it; don't spend it. Read the recently updated (6 May) FAQ 10 and 54 (11 May) and make up your own mind. We're all just guessing at this point. https://www.irs.gov/coronavirus/economic-impact-payment-information-center
  40. 4 points
    Or provide the appropriate phone number for their congress person. Ot they can call the office of the President since his name is on every check, or the letter that follows up direct deposits and checks.
  41. 4 points
    Mine is done automatically each year as a direct debit. I'm happy to donate.
  42. 4 points
    Oh no! Judy, I was convinced my Facebook arguments were so persuasive they were winning people over to my political opinions and religious views on a regular basis. I'm crushed.
  43. 4 points
    The only paper we keep is signed efile signature forms and POAs. Any misprints or copies of documents the client doesn't want, get shredded every other month. We use a mobile shredder service and you can watch it being dumped into the shredder. The shred size is nowhere near the required tiny size, but most documents, including the copy of returns that we print, have masked ID #s anyway.
  44. 4 points
    Weird feeling, isn't it? I did that about 10 years or so ago when I spun off my business clients. I don't think I had anywhere near your total but it was probably 150-200 pounds. I took it to a licensed shredding business to get the document certifying it. Then about 5 years ago I did it again when my biggest paper producing client group (7 trusts) finally were over with assets all distributed. That was probably about 200 pounds. I'm down to maybe 25 pounds total now. It is such a good feeling to not have all that paper.
  45. 4 points
    The way I look it is, it saves from having to do a lot of extensions. I wish the due date was changed to 10/15 (no need for extensions) and balances due had to be paid by 4/15 (or 5/15). This really wouldn't change my workload. The people who come in before 4/15 will still be the same people, especially if they normally get a refund. And the ones who show up in August or September will still show up in August or September. But we won't have to spend time doing extensions, and we'll have until 10/15 + 3 years to amend for refunds.
  46. 4 points
    It's one thing if they put off payments until then. But lets get the tax returns done. I have enough people dragging their feet, and I have vacation scheduled in September......
  47. 4 points
    Thank you guys for a multiple, laugh out load, morning!
  48. 3 points
    This AM, I locked in for the waiver of a $49 deferral. I had to pay the tax and handling today. Will pay the balance on Dec 1. I just like to get it over with and they have been bombarding me with emails. This AM, I got a call. I'm with Margaret; maybe 2 more years, cutting back gradually. I had zero issues with the program this year. I am just so far behind with the lockdown and the money isn't flowing like it normally would be. Also, am unable to have any help in the office. Stay healthy, everyone
  49. 3 points
    No, you don't need to do that. PTP losses are limited, even if you have basis. See and print the PTP summary tab in the K1 input form. When a PTP has income, you can use any carryover losses up to the amount of income. All losses are deducted on a final disposition. When a PTP is sold (OR PARTIALLY SOLD), you will get a worksheet showing the adjustment to basis AND the portion of gain that will be ordinary income (on form 4797). The brokerage statement of investment sales will show the original basis of the investment. On the 8949, enter codes BO in column f. B for basis adjustment and O for other. (Enter BMO if ther are multiple transactions on that line as well. BMOW if wash sales are in the mix. Codes are entered alphabetically.) Net the basis adjustment and the 4797 portion by ADDING the basis adjustment and SUBTRACTING the 4797 adjustment. This might seem backwards, but it's not, because 8949 adjustments are adjusting the gain/loss, not the basis. Then go to 4797 and enter a part II gain for the amount of the ordinary income adjustment. There is a drop down where you can choose the K1 that was sold or partially sold. It's extremely easy to miss partial sales because the K1 isn't marked final. You have to carefully read all the attachments each year with the K1. And you're supposed to attach 751 statement to the return. I have a generic 751 statement typed into a blank ATX statement for just this purpose, but I seriously doubt any problem could arise by not attaching this statement. Thankfully, I've never had to test that hypothesis. https://www.thetaxadviser.com/issues/2018/apr/reporting-publicly-traded-partnership-ordinary-income.html
  50. 3 points
    I thought this article presented a very balanced, reasonable perspective on the PPP loan and how to think & act regarding under-spending (less than full loan forgiveness if it appears likely). https://www.forbes.com/sites/tomhager/2020/04/21/you-need-to-change-your-thinking-paycheck-protection-program-ppp/#4bc590e197c0
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